TATA Steel which was struggling with its UK operations has completed selling the business to Liberty Group for USD110 Million by not only saving 1700 jobs but also has paved a way to a further addition of 300 jobs.
The business is spread over Rotherham, Stocksbridge & Brinsworth in South Yorkshire. It also includes smaller sites in Bolton, Lancashire, Wednesbury in the West Midlands. Couple of distribution centers in China is also included in the business.
Liberty House is owned by PIO Sanjeev Gupta who said that he would invest further USD 22 Million to boost the competitiveness of the company and to enhance the overseas growth.
Gupta said the deal represented “a big vote of confidence in the future of British industry” and also added “The speciality steels business is a global leader in its field, with a highly-skilled and well-motivated workforce and we are eager to invest so it can grow and achieve its full potential.”
The deal was welcomed by Roy Rickhuss who is the General Secretary of the steel worker’s trade union – Community whereas Tony Brady, the national officer at the union Unite, said the deal brought to an end “months of agonising uncertainty” for workers.
The business will now be known as Liberty Speciality Steels. Jon Boulton has been appointed as the Chief Executive. Liberty Group now has more than 4500 employees in steel and engineering units making it one of the biggest in the U.K.